In a landmark development set to redefine Pakistan’s financial landscape, Raqami Islamic Digital Bank, the nation’s inaugural Islamic digital retail bank, has forged a pivotal alliance with Visa, a global titan in digital payments. This strategic collaboration is poised to usher in a new era of accessible and secure digital-first payment solutions, specifically engineered to cater to the vast underserved segments of Pakistan’s populace.
The partnership, formalized at a signing ceremony held at Raqami’s Head Office in Karachi, signifies a monumental stride in Raqami’s ambitious journey to establish itself as a pioneering force in Pakistan’s digital retail banking sector. Under the terms of the agreement, Visa will lend its expansive infrastructure and expertise to bolster Raqami’s debit card offerings. Beyond the conventional, this alliance is geared towards empowering Raqami to deploy groundbreaking, mobile-centric solutions designed to catalyze financial inclusion across the nation.
Mr. Umar S. Khan, Country Manager for Pakistan & Afghanistan at Visa, underscored the profound implications of this collaboration. He highlighted the compelling statistics: “Despite a population exceeding 220 million, a mere 18% of Pakistanis are digitally active in financial services, and over 114 million adults in Pakistan remain unbanked. This stark reality illuminates the immense, untapped potential for digital banking expansion within the market.” Mr. Khan elaborated, stating, “Visa’s partnership with Raqami Islamic Digital Bank transcends mere technological integration. It is fundamentally about broadening access. In concert with Raqami, we are facilitating the participation of women, youth, freelancers, and millions of other individuals in the digital economy with unparalleled confidence and convenience, thereby advancing the State Bank of Pakistan’s visionary objective for a digitally inclusive and forward-looking financial ecosystem.”
Echoing this sentiment, Mr. Umair Aijaz, CEO of Raqami Islamic Digital Bank, articulated his perspective on the transformative potential of the partnership. “Aligning with Visa represents a significant achievement in our endeavor to construct a fully digital, Shariah-compliant banking framework,” Mr. Aijaz commented. He further stated, “Leveraging Visa’s globally recognized infrastructure, we will possess the capability to issue and administer card products that are not only inherently secure and seamless in their operation but also fundamentally inclusive and imbued with a clear purpose. This collaboration significantly bolsters our capacity to effectively serve digitally aware customers and to extend crucial financial access to the millions who currently remain underserved by conventional banking institutions.”
Raqami Islamic Digital Bank Limited, having secured a Restricted License from the State Bank of Pakistan, is actively commencing pilot operations under the progressive Licensing and Regulatory Framework for Digital Banks. The institution is steadfast in its mission to deliver inclusive, Shariah-compliant financial solutions through a meticulously crafted, digitally innovative, and technology-first methodology. Raqami enjoys robust backing from esteemed entities such as Pakistan Kuwait Investment Company (Private) Limited and Enertech Holding Company KSC, the latter being a subsidiary of Kuwait’s sovereign wealth fund, the Kuwait Investment Authority. Driven by a resolute vision to cultivate trust and foster transparency, Raqami is strategically positioned to cater to the dynamic and evolving demands of contemporary retail banking clientele.